As a dentist, navigating both your personal and practice finances can be complex. That’s why we offer advice and solutions to help simplify your financial picture. Here’s how we support your success:

• Dedicated Expertise: Get ongoing advice from RBC Healthcare Specialists who specialize in dentists’ finances.
• Banking Benefits: Enjoy perks like fee waivers on personal and business bank accounts and credit cards, plus preferred rates on mortgages and lines of credit with RBC Healthcare Advantage and RBC Healthcare Advantage Pro.
• Investments and Wealth Planning: Grow your wealth with personalized strategies, including tax-efficient portfolios, retirement planning and access to RBC’s investment expertise.
• Practice Growth and Financing: Secure the capital and tools you need to start or expand your practice, from operating lines of credit to cash flow management solutions.
• Beyond Banking: Access practice management tools and partner offers to help save you time and money

Talk to an RBC Healthcare Specialist today to get started.

RBC Healthcare Advantage and RBC Healthcare Advantage Pro provide fee waivers, preferred rates, and special benefits on personal and business banking for physicians and dentists.

RBC Healthcare Advantage (Personal Banking Only)

To unlock the benefits below, hold an RBC VIP Banking Account and an eligible RBC credit card:

• A monthly fee waiver on your RBC VIP Banking account
• An annual fee rebate on one eligible RBC credit card
• Prime minus 0.25% rate on the medical/dental Royal Credit Line and the RBC Homeline Credit Line
• 6 months of no management fees at RBC InvestEase, our low-cost, low-effort digital investment service
• Preferred guaranteed investment certificate (GIC) rates to maximize your savings

RBC Healthcare Advantage Pro Benefits (Personal + Business Banking)

Enjoy all the benefits of Healthcare Advantage benefits plus the business perks below by holding an eligible business account and RBC business credit card:

• Prime minus 0.25% rate on a Royal Business Operating Line of Credit
• A monthly fee waiver on the RBC Digital Choice Business Account Package
• A one-time annual fee rebate on the RBC Avion Infinite Business Card

Beyond Banking Benefits

• Special offers from RBC and our partners to simplify and streamline your practice

Talk to an RBC Healthcare Specialist today to get started.

Understanding Canada’s registered investment accounts can help you save for your future in a tax-efficient way. Here’s an overview of three of the most popular account types:

• A Tax-Free Savings Account (TFSA) is a registered investment account you can use to save for any goal (e.g. emergencies, big purchases or retirement) tax-free^5,6. Withdrawals are tax-free and do not affect government benefits.
• A Registered Retirement Savings Plan (RRSP) is a tax-deferred^6,7 retirement account. Contributions can help reduce your taxable income, and withdrawals are taxed as income and may impact benefits like Old Age Security (OAS).
• A First Home Savings Account (FHSA) is a registered investment account that can help you save towards your first home tax-free^8,9. You could be eligible if you’re a first-time homebuyer or have not owned a home in which you lived this year or at any time in the last four years.¹⁰

You can reach out to an RBC Healthcare Specialist for help choosing the right investment accounts to meet your goals.

Many dentists successfully balance their dental school debt repayments with their investing goals. Here’s how you can start:

• Create a Balanced Plan: Work with an RBC Healthcare Specialist to develop a strategy that aligns with your cash flow, financial goals and risk tolerance. They’ll help you prioritize debt payments while identifying opportunities to invest.

• Start Small and Stay Consistent: Even small, regular contributions to your investment account(s) can grow over time. Consider setting up automatic transfers to make saving a habit.

  The example below shows how an investment can grow over a 10-year period, assuming consistent monthly contributions and no withdrawals.

  Responsive Table Example

  Scenario	Monthly Investment	Time Period	Assumed Annual Return	Total Contributions	Future Value
  1	$50	10 years	5%	$6,000	$8,100
  2	$100	10 years	5%	$12,000	$16,200
  3	$200	10 years	5%	$24,000	$32,400

  These examples are for illustration only. Actual results depend on interest rates, contribution frequency and investment provider terms.

• Focus on Long-Term Growth: Investing early (even with small amounts) can help you make the most of compound growth. At the same time, it’s important to continue chipping away at high-interest debt to minimize your long-term borrowing costs.
• Review and Adjust: Regularly reassess your plan as your income, debt and goals evolve. Your RBC advisor can help optimize your strategy over time.

Talk to an RBC Healthcare Specialist today.

Yes, RBC offers tailored mortgage solutions designed specifically for dentists and other healthcare professionals. It considers your projected income and unique financial circumstances to offer you a competitive mortgage rate and flexible terms.

Contact an RBC Healthcare Mortgage Specialist to explore your options.

There is no one-size-fits-all amount. Your retirement income needs will depend on several factors, including your current income level, incorporation status, lifestyle goals and expected retirement age.

Dentists typically build wealth through a mix of:

• Registered investment accounts, such as a Registered Retirement Savings Plan (RRSP) for tax-deferred^6,7 growth
• Corporate savings (if incorporated) to leverage retained earnings
• Personal investments and assets for diversification

Review your plan with an RBC Healthcare Specialist to ensure it aligns with your long-term goals and considers factors like changing circumstances, taxes, withdrawals and debt repayments.

Estate planning helps safeguard your assets—including your practice—and ensures that your assets are distributed according to your wishes.

You can create a personalized estate plan that protects your legacy, aligns with your financial goals and addresses your unique considerations, such as:

• Business succession
• Wealth transfer
• Tax optimization
• Structure planning
• Insurance solutions
• Asset protection

Speak with an RBC Healthcare Specialist to learn how RBC can help support your estate and will planning

Incorporating is a significant decision that depends on your specialty, income level and long-term financial goals. Here are some key considerations for incorporation:

• Tax Planning and Income Smoothing: Incorporation can provide tax advantages by allowing you to split income among family members, defer taxes through retained earnings and optimize tax brackets.
• Asset Protection: A professional corporation can help separate your personal and business assets and may reduce exposure to some business risks. Rules and requirements for medical professional corporations vary by province.
• Costs vs. Benefits: Incorporation involves setup fees, annual maintenance costs and administrative burdens. A tax professional can help determine if the long-term savings outweigh these expenses.
• Timing: Incorporation timing can depend on your career stage. It’s often cost-effective for mid-career dentists with stable income, while early-career or pre-retirement dentists should weigh benefits against upfront costs and long-term goals.

Incorporation is not a one-size-fits-all solution. Speak with an RBC Healthcare Specialist to discuss your unique situation.

Disclaimer: This is general information only. Consult a tax professional for advice specific to your circumstances.

As an incorporated dentist, you can pay yourself through salary, dividends or a mix of both. The ideal approach depends your personal, professional and tax situation, including:

• Career Stage: If you’re an early-career dentist, you may want to prioritize salary to maximize your Registered Retirement Savings Plan (RRSP) contributions and tax deductions. If you’re a late-career dentist, you may want to prioritize dividends to leverage retained earnings and corporate tax advantages.
• Cash Flow Needs: Salary provides steady income for immediate expenses, while dividends offer flexibility for reinvesting profits.
• Tax Considerations: Salary allows you to build RRSP contribution room, but it is subject to personal income tax and CPP/QPP contributions. Dividends are paid from after tax corporate income and may be more tax efficient in certain situations, depending on personal and corporate tax rates, however they don’t qualify for RRSP contributions.
• Retirement Goals: Balancing salary and dividends can optimize both RRSP growth and corporate investment returns.
• Provincial Tax Rates: Varying tax rules across provinces influence the tax efficiency of each option.
• Spousal Involvement: If your spouse or partner is a shareholder, this could also impact your dividend strategies.

Regularly review your approach with a professional tax advisor and an RBC Healthcare Specialist to consider your unique financial goals and evolving circumstances.

Buying a dental practice is an exciting opportunity that requires careful planning. Here are a few things to keep in mind:

• Your Skill Set: Assess your clinical skills and how they align with the practice’s services. Specialized expertise can boost revenue, while gaps may require adjustments.
• Business Operations: Ensure the clinic has strong systems and personnel in place for HR, technology, inventory management, marketing and more.
• Location: Urban areas may offer higher patient volumes but steeper operational costs. Rural locations may be more affordable with smaller populations.
• Financing: Consider applying for financing to have quick access to funding when the right opportunity arises.

An RBC Healthcare Specialist can review your unique situation and help you determine if and when practice ownership might be right for you.

Whether you’re starting fresh or growing your practice, here’s why a business plan matters:

• Secure Financing: Lenders often require a business plan to approve loan applications for opening, expanding or renovating a practice.
• Build Your Dream Practice: Identify and attract the right patients and team members, so you can grow with confidence.
• Get Financial Clarity: Project your income, manage expenses and spot opportunities to boost profitability.
• Stay Aligned: Balance your clinical passions with operational needs to maximize both job satisfaction and earnings.
• Plan for the Future: Your business plan can also include long-term goals such as expansion, succession planning and an exit strategy for down the road.

An RBC Healthcare Specialist can help you craft a customized plan tailored to your short- and long-term goals.

You can help your dental practice successfully navigate changing economic times by:

• Scenario Planning: Forecast “what-if” situations such as reduced patient volume or supplier issues to spot risks and cash gaps early.
• Mastering Cash Flow: Track income and expenses closely and find ways to keep more cash in your business, including optimizing payment terms and negotiating supplier discounts.
• Cutting Costs: Review office space, inventory, equipment and subscription costs and trim where possible.
• Managing Debt Wisely: Work with an RBC Healthcare Specialist to consolidate or refinance debt at lower rates, freeing up cash for growth.
• Investing in Tech: Use slower periods to adopt cost-saving digital tools like online booking systems or analytics platforms.

For other tips and strategies, please speak with an RBC Healthcare Specialist.

Transitioning your dental practice—whether through partnership, sale or retirement—requires careful financial and strategic planning. We support dentists like you by addressing these key succession planning considerations:

• Timing: Align your succession plans with personal and professional milestones.
• Funding Needs: Assess financial requirements for buyouts, partnerships or retirement income.
• Long-Term Goals: Protect and maximize the value of your practice while helping ensure financial security post-transition.

By collaborating with an RBC Healthcare Specialist you can navigate this critical phase with confidence, ensuring a seamless transition that honours your legacy and secures your future.